US mortgage rates soar to 6.3%, first increase in a month

Golden Ten Data reported on May 1 that U.S. mortgage rates rose for the first time in a month, while the key spring selling season has yet to pick up. Freddie Mac reported on Thursday that the average 30-year fixed-rate mortgage climbed to 6.3% from 6.23% last week. A year ago, this figure was 6.76%. Since the mortgage rate spike in 2022, the real estate market has remained stagnant. Before the outbreak of the Iran war, rates had fallen below 6%, which had sparked hopes for at least a modest rebound in the market. Now, geopolitical turmoil is influencing decisions on both the buy and sell sides.